On Tuesday, Deutsche Bank (ETR:DBKGn) maintained a Buy rating on shares of Novo Nordisk (NOVOB:DC) (NYSE: NYSE:NVO) with a price target of DKK1,000.00. The firm provided an update on Novo Nordisk's GLP-1 assets based on the latest data available up to November 15, 2024. The new prescription (NRX) and total prescription (TRX) data were disclosed on Friday, with new-to-brand prescription (NBRX) data following on Monday.
The report highlighted a significant development in the competitive landscape for Novo Nordisk's products. Zepbound's NBRX counts surpassed those of Wegovy, matching its levels this week. Moreover, a positive growth trajectory was observed for Ozempic and Wegovy, with a 4-week rolling increase in TRX/NRX of +35%/+13% and +137%/+122%, respectively.
The bank's analysis suggested potential variances in performance expectations for Novo Nordisk's portfolio when compared to the fiscal year 2024 consensus. Rybelsus, along with the Tresiba/Levemir/Victoza group, is anticipated to experience single-digit and double-digit growth surpassing expectations. Conversely, Ozempic and Wegovy might see single-digit and double-digit declines relative to the consensus forecasts.
The report also noted that the Symphony Health retail data service, which provides additional market insights, is currently on hold and will not be available for an unspecified period. This suspension may impact the availability of broader market data for Novo Nordisk and other pharmaceutical companies in the short term.
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